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When I went to our local tesla showroom last week, there were still hordes of people picking up their new vehicles. Looked the same as it did when we got ours back in July of 23.
It seems like traditional manufactures are having issues, though. In the past couple weeks, Mazda, Audi and Hyundai have reached out to me to see if I was still in the market.
The overall auto market is definitely down for legacy automakers. Dealerships look full of cars, but I don't see people. Although I'm seeing a lot of new i4's on the road, but that just anecdotal
All the Tesla's you see in the background, those are waiting for buyers to pick them up
If you were to pan further to the left, there are hundreds of them, all sold waiting for pickup. If you were to head further down, you would see a giant parking area where they load them on trucks to deliver them to other parts of the state. Traditional dealerships would never be able to handle this type of volume, moving hundreds of cars a days to their owners
Agreed. I was just at the Tesla center in Irvine. Busy as usual with deliveries
One thing I didn't see at the Fremont factory/showroom....Cyber Trucks. Looked everywhere, no luck. I'm hoping one will show up at their service facility which is next door to our new Fremont building
As for demand problems. Vehicle purchase demand is way down in general. I have been shopping for a car and the salespeople I have talked to have said February has been a terrible month, one of the worst months they have had in years. My business partner just bought a Pacifica and they said the same thing. So, I wouldn’t single out lower EV demand as being EV specific.
To your point:
IT BEGINS! The Car Market CRASH Of 2024 | Inventory SPIKES 195%
Lucid and Rivian are about to (or already have) report earnings. Combined with the big fish that is Nvidia we could see a major sell off in the markets. In theory NVDA should shoot up they are making money hand over fist but who knows.
Nvidia went from $27 billion/year in revenue to $22 billion in one quarter. Lucid saw a healthy bump in sales 37% YoY but they didn't say anything about profit/loss. Not sure on Rivian but the stock is taking a 15% haircut in after hours.
edit - Rivian
Rivian (RIVN) stock tanked after the bell on Wednesday after the electric adventure vehicle maker reported mixed fourth quarter results, and production and profit forecast that missed Wall Street expectations.
Rivian also said it sees vehicle production for 2024 hitting 57,000 units, well below the 80K units expected. In terms of full-year profitability, Rivian said it sees an adjusted EBITDA loss of $2.70 billion vs. $2.59 billion (est.), with capital expenditure outlays hitting $1.750 billion vs. $2.37 billion (est.). Rivian said it would initiate a 10% staff headcount reduction plan, citing economic uncertainty.
Rivian stock fell over 15% in after hours trading.
For the quarter, Rivian report top-line revenue of $1.32 billion vs $1.25 billion (est.), with an adjusted loss per share of $1.36 vs. $1.33 (est.). On an adjusted EBITDA basis, Rivian reported a loss of $1.096 billion vs. $1.05 billion (est.), narrower than last year’s $1.46 billion loss.
